![]() ![]() State officials emphasized that State Farm’s current policyholders will not lose coverage. “State Farm sort of publicly said what they were doing, but I think for the last few years, we’ve all seen insurers restricting and pulling back their business in California,” said Seren Taylor, vice president of Personal Insurance Federation of California, an industry trade group that counts State Farm as a member. Last year, American International Group let thousands of customers know their home insurance policies would not be renewed, and Chubb, a high-end insurer, said it would continue to non-renew some of its customers.Īnd late last year, thousands of condo owners also found themselves among the uninsurable as the state’s regulated insurers dropped suburban homeowner association members in droves across San Diego County’s wildfire-prone shrubland. The two severe wildfire years wiped out decades of industry profits. As California’s largest single provider of bundle home insurance policies - the company had 20% of the market in 2021 - the news struck some as the beginning of a fresh emergency, with insurers abandoning a fire and flood ravaged state.īut the retraction of California’s biggest home coverage provider is only the latest development in a wildfire-fueled crisis that has smoldered beneath the surface of the state’s insurance market for years.Īfter the disastrous fires of 20, the number of Californians who were told by their insurer that their policy wouldn’t be renewed jumped up by 42% to almost 235,000 households. ![]() ![]() State Farm made national headlines last week when it said it would stop selling new home insurance policies in California. ![]()
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